Syria: Even as Syria battles sky high inflation and economic gloom, it has suddenly started trending for a very unique decision that is being closely watched in India as well, given its past when it made a similar move. The reference is to releasing a 5000 Syrian Lira note.
It has now become the largest note in circulation in Syria. Syria continues to work hard to tide past domestic conflict for nearly a decade. The Syrian currency has been steadily declining since 2011.
The Lira rate was 47 per dollar in 2011, which has now weakened to 1,250 per dollar according to official figures. If estimates are to be believed then in the Open market Lira rates are around 2,500 per dollar. Due to such a weakening of the currency, the prices of food items and essential commodities in Syria have skyrocketed.
As per Central Bureau of Statistics of Syria, the rate of inflation reached 200 percent in 2020 compared to 2019. Further the inflation of goods reached 300 percent. Prices of staple foods, such as lentils and vegetable oil increased by about 15 percent.
A United Nations estimate shows around 80 percent of Syrians live below the poverty line. This new note has a picture of a soldier saluting the Syrian flag on one side.